Corbus Pharmaceuticals Reports Second Quarter 2022 Financial Results and Provides Corporate Update
Corbus Pharmaceuticals Holdings (NASDAQ: CRBP) provided an update, highlighting promising pre-clinical data for CRB-601, showing enhanced anti-tumor activity when combined with anti-PD-1 therapy. The IND submission for CRB-601 is on track for mid-2023. The company reported a net loss of $13.2 million for Q2 2022, improved from $17.1 million year-over-year, with operating expenses significantly reduced. Cash reserves stand at $74 million, expected to sustain operations through Q1 2024. Corbus also explores partnerships for advancing its pipeline and non-dilutive funding.
- Promising pre-clinical data for CRB-601 showing enhanced anti-tumor activity.
- IND submission for CRB-601 is on track for mid-2023.
- Net loss improved to $13.2 million from $17.1 million year-over-year.
- Operating expenses decreased significantly to approximately $7.3 million.
- Phase 2 study of lenabasum for Systemic Lupus Erythematosus did not meet its primary endpoint.
- Promising pre-clinical data generated for CRB-601 across several tumor models as monotherapy and in combination with anti-PD1 therapy
- IND submission for CRB-601 is on track for mid-2023
- Expanding immuno-oncology pipeline through strategic transactions remains key priority
- Cash and investments on hand of
$74 million funds operations into the first quarter of 2024
NORWOOD, Mass., Aug. 9, 2022 /PRNewswire/ -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or the "Company"), an immunology company, today provided a corporate update and reported financial results for the first quarter of 2022.
Key Corporate and Program Updates:
- Anti-integrin monoclonal antibody (mAb) programs targeting the inhibition of TGFβ are progressing on schedule
- CRB-601, an anti-αvβ8 mAb, is being developed as a potential treatment for solid tumors.
- Across models explored to date, CRB-601 demonstrates an enhancement of anti-tumor activity when combined with anti PD-1 therapy compared to either single agent alone. This activity is associated with tumor infiltration of proliferating CD4+ and CD8+ T cells in addition to NK cells and M1 macrophages.
- Collectively, this data supports the hypothesis that blockade of local TGFb production by CRB-601 can lead to changes in immune cell infiltration in the tumor microenvironment, potentially enhancing the benefit of PD-1 blockade.
- IND-enabling activities for CRB-601 are ongoing and the program is on schedule for an IND submission in mid-2023.
- Recent clinical updates from other investigational therapies also targeting latent TGFb reinforce the promise of this novel approach in oncology.
- CB1 inverse agonist program for obesity / metabolism in active partnering discussions
- CRB-913, the lead pre-clinical candidate, has demonstrated both weight loss and improvement in multiple metabolic parameters, as monotherapy and in combination with semaglutide and tirzepatide in animal models of diet-induced obesity.
- This data has been accepted for an oral presentation at the upcoming annual meeting of the European Association for the Study of Diabetes (EASD) in September.
- Corbus is exploring partnerships to advance CRB-913 into clinical studies.
- The National Institutes of Health has informed the Company that the Phase 2 study conducted by Dr. Meggan Mackay at the Feinstein Institutes for Medical Research with the Autoimmune Centers of Excellence and sponsored by the National Institute of Allergy and Infectious Diseases evaluating the efficacy, safety, and tolerability of lenabasum in Systemic Lupus Erythematosus (SLE) did not meet its primary endpoint of a statistical improvement in the Numerical Rating Scale (NRS) for pain associated with musculoskeletal inflammation. However, data for the recognized regulatory and clinical endpoints for SLE (BILAG-2004 and the SELENA-SLEDAI) are still pending. Topline data is planned for presentation at an upcoming rheumatology congress.
- A detailed update on the Corbus pipeline can be found in the most recent Corporate Presentation available at: www.ir.corbuspharma.com/presentations
"We are continuing the transformation of Corbus into a company with a novel and diversified immuno-oncology pipeline and look forward to sharing additional data updates from our integrin programs later this year. We are greatly encouraged by recent clinical updates from the field of latent TGFb inhibition that point to a potential breakthrough in how this key cytokine could be successfully targeted in oncology," commented Yuval Cohen, Ph.D., Chief Executive Officer of Corbus. "We are actively engaged in business development activities with the goal of expanding our pipeline while also bringing in non-dilutive funding by monetizing our ECS assets through new partnerships."
Financial Results for First Quarter Ended June 30, 2022:
The Company reported a net loss of approximately
Operating expenses for Q2 2022 included a one-time charge of
As of June 30, 2022, the Company has
About Corbus
Corbus is an immunology company committed to helping people defeat serious illness by bringing innovative scientific approaches to well understood biological pathways. Corbus' current pipeline includes anti-integrin monoclonal antibodies that block activation of TGFβ and small molecules that activate or inhibit the endocannabinoid system. Corbus is headquartered in Norwood, Massachusetts. For more information on Corbus, visit corbuspharma.com. Connect with us on Twitter, LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company's restructuring, trial results, product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors, including the potential impact of the recent COVID-19 pandemic and the potential impact of sustained social distancing efforts, on our operations, clinical development plans and timelines, which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT:
Sean Moran
smoran@corbuspharma.com
Corbus Pharmaceuticals Holdings, Inc. Condensed Consolidated Balance Sheets | ||||||||
June 30, 2022 | December 31, 2021 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 25,770,665 | $ | 25,006,632 | ||||
Investments | 47,532,557 | 72,640,520 | ||||||
Restricted cash | 192,475 | 192,475 | ||||||
Prepaid expenses and other current assets | 1,742,273 | 2,365,010 | ||||||
Total current assets | 75,237,970 | 100,204,637 | ||||||
Restricted cash | 477,425 | 477,425 | ||||||
Property and equipment, net | 1,989,007 | 2,392,696 | ||||||
Operating lease right of use assets | 4,258,077 | 4,609,110 | ||||||
Other assets | 104,165 | 46,385 | ||||||
Total assets | $ | 82,066,644 | $ | 107,730,253 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Notes payable | $ | 110,705 | $ | 767,938 | ||||
Accounts payable | 1,986,622 | 1,782,277 | ||||||
Accrued expenses | 4,716,422 | 10,093,312 | ||||||
Derivative liability | 133,710 | 133,710 | ||||||
Operating lease liabilities, current | 1,207,471 | 1,136,948 | ||||||
Current portion of long-term debt | 7,474,846 | 3,093,344 | ||||||
Total current liabilities | 15,629,776 | 17,007,529 | ||||||
Long-term debt, net of debt discount | 11,612,237 | 15,636,275 | ||||||
Other long-term liabilities | 22,205 | 22,205 | ||||||
Operating lease liabilities, noncurrent | 5,332,569 | 5,956,217 | ||||||
Total liabilities | 32,596,787 | 38,622,226 | ||||||
Stockholders' equity | ||||||||
Preferred stock, | — | — | ||||||
Common stock, | 12,527 | 12,523 | ||||||
Additional paid-in capital | 421,996,544 | 418,891,713 | ||||||
Accumulated deficit | (372,419,894) | (349,733,764) | ||||||
Accumulated other comprehensive loss | (119,320) | (62,445) | ||||||
Total stockholders' equity | 49,469,857 | 69,108,027 | ||||||
Total liabilities and stockholders' equity | $ | 82,066,644 | $ | 107,730,253 | ||||
Corbus Pharmaceuticals Holdings, Inc. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) | ||||||||||||||||
For the Three Months | For the Six Months | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Revenue from awards | $ | — | $ | 136,558 | $ | — | $ | 784,382 | ||||||||
Operating expenses: | ||||||||||||||||
Research and development | 2,499,642 | 11,265,220 | 5,785,878 | 21,986,043 | ||||||||||||
General and administrative | 4,840,368 | 5,572,397 | 10,071,291 | 10,913,594 | ||||||||||||
Litigation Settlement | 5,000,000 | — | 5,000,000 | — | ||||||||||||
Total operating expenses | 12,340,010 | 16,837,617 | 20,857,169 | 32,899,637 | ||||||||||||
Operating loss | (12,340,010) | (16,701,059) | (20,857,169) | (32,115,255) | ||||||||||||
Other income (expense), net: | ||||||||||||||||
Other income (expense), net | (208,683) | (227,609) | (402,034) | (242,703) | ||||||||||||
Interest income (expense), net | (490,339) | (401,170) | (949,248) | (1,047,720) | ||||||||||||
Change in fair value of derivative liability | — | 204,000 | — | 198,000 | ||||||||||||
Foreign currency exchange gain (loss), net | (209,856) | (12,538) | (477,679) | 4,134 | ||||||||||||
Other income (expense), net | (908,878) | (437,317) | (1,828,961) | (1,088,289) | ||||||||||||
Net loss | $ | (13,248,888) | $ | (17,138,376) | $ | (22,686,130) | $ | (33,203,544) | ||||||||
Net loss per share, basic and diluted | $ | (0.11) | $ | (0.15) | $ | (0.18) | $ | (0.28) | ||||||||
Weighted average number of common shares outstanding, basic and diluted | 125,255,881 | 116,364,131 | 125,249,596 | 120,722,622 | ||||||||||||
Comprehensive loss: | ||||||||||||||||
Net loss | $ | (13,248,888) | $ | (17,138,376) | $ | (22,686,130) | $ | (33,203,544) | ||||||||
Other comprehensive income (loss): | ||||||||||||||||
Change in unrealized gain (loss) on marketable debt securities | 50,373 | 23,311 | (56,875) | (5,454) | ||||||||||||
Total other comprehensive income (loss) | 50,373 | 23,311 | (56,875) | (5,454) | ||||||||||||
Total comprehensive loss | $ | (13,198,515) | $ | (17,115,065) | $ | (22,743,005) | $ | (33,208,998) | ||||||||
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SOURCE Corbus Pharmaceuticals
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